How much more “balance” does Obama want?
1. Well, the fiscal cliff deal is a $620 billion tax hike, according to the Congressional Budget Office. Obama’s original offer to House Speaker John Boehner called for $1.6 trillion in tax hikes, including a) $960 billion in higher tax rates and higher taxes on investment income along with b) $600 billion in additional taxes, such as limiting tax breaks for wealthier Americans.
2. In a November policy memo, White House economists thought a tax hike of around $500 billion was doable via broadening the tax base.
3. Also recall that the president’s 2013 budget called for a $300 billion corporate tax hike.
So adding it all up, it would seem the president’s second term goal is for roughly $2 trillion in new taxes. We’re only one-third of the way there.